u s shares highlights morgan stanley 485032015
<p>Morgan Stanley (MS) – Bullish breakout from “Cup with Handle” formation, further upside potential (Click to enlarge charts) Key elements Price action continues to evolve […]</p>
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Morgan Stanley (MS) – Bullish breakout from “Cup with Handle” formation, further upside potential
Key elements
- Price action continues to evolve within a long-term ascending channel (in dark blue) in place since 23 July 2012 low. The upper (resistance) and lower boundaries is now at 44.80 and 34.89 respectively (see weekly chart)
- The 40.60 resistance is the 1.00 Fibonacci projection from October 2008 low to October 2011 low (see weekly chart).
- The 200-day Moving Average (in orange) is also supporting Morgan Stanley at 34.89 (see daily chart).
- Price action has stage a bullish breakout from the bullish continuation “Cup with Handle” chart formation on 15 April 2015 with high volume The neckline of this chart formation is now pull-back support at 36.90 (see daily chart).
- Prior to the bullish breakout on 15 April 2015, the volume has started to increase (see daily chart).
- The intermediate term RSI oscillator remains bullish above its supports (see daily chart).
Key levels (1 to 3 months)
Intermediate support: 36.90
Pivot (key support): 34.89
Next support: 31.45
Conclusion
As long as the 34.89 monthly pivotal support is not broken, Morgan Stanley is likely to see a further potential upside movement to target 40.60 before 44.80.
On the other hand, failure to hold above 34.89 may damage the long-term bullish trend in place since 23 July 2012 for a correction towards the next support at 31.45 in the first instance.
*Note that Morgan Stanley will announce its Q1 earnings result on 20 April 2015.
Source: Charts are from eSignal
Disclaimer
The information contained in this material is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.
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